Stock futures are mixed as Middle East tensions escalate; traders await earnings and inflation data: Live updates - CNBC
Stock futures remain mixed as investors digest lower-than-expected June inflation data and ongoing geopolitical tensions in the Middle East. While the S&P 500 saw gains, IBM's sharp decline weighed on the Dow Jones Industrial Average.
Why it matters
The data suggests a potential shift in Federal Reserve interest rate policy, which is critical for market stability and investor sentiment.
The S&P 500 closed higher on Tuesday, boosted by semiconductor stocks, after June inflation data came in weaker than expected.
The broad market index finished up 0.38% at 7,543.59, while the Nasdaq Composite advanced 0.9% to end the day at 26,107.01. The Dow Jones Industrial Average settled up just 9.63 points, or 0.02%, at 52,508.27. Shares of International Business Machines weighed on the 30-stock index, with the stock down 25% after the company warned second-quarter profits will be lower than expected due to soft demand in its software and infrastructure businesses.
Semiconductor stocks rebounded after a sell-off in the previous session. The VanEck Semiconductor ETF (SMH) traded 2.5% higher. Applied Materials and Teradyne gained more than 3%. Lam Research and Micron Technology increased roughly 5%. STMicroelectronics climbed more than 2%.
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